The new scheme would be delivered across a stepped brick building of 4 storeys, 10 storeys and 15 storeys on Pershore Street.
As part of the transformation, a variety of amenities will be delivered, including a social lounge, TV room, gym and workspaces.
Bilal Ahmed, founder and executive chairman of Sama, said: “Our proposals for Pershore Street would be a great addition for the 183,000 students in Birmingham, providing much-needed, high-quality living space in the vibrant Chinese Quarter.
“Alongside supporting the continued growth of our educational institutions, the proposals for Pershore St will help to unlock rental properties for other residents in the city.”